GROWTH RETURNED TO MORTGAGE LENDING IN NOVEMBER 2011
House purchase lending in November experienced a year-on-year rise for only the second time in 2011, according to the Council of Mortgage Lenders.
Loans for house purchase totalled 47,000 (worth £6.9 billion) in November, a 4% rise (5% in value) from October and a 3% rise (5% in value) compared to November 2010. Remortgaging also increased.
There were 31,200 loans (worth £4 billion), up from 29,500 (worth £3.7 billion) in October and 30,700 (worth £3.8 billion) the previous November.
First-time buyers took out 17,300 loans, worth £2.1 billion in November, up 4% by volume and 5% by value compared to both October 2011 and November 2010. Home mover loans increased by 5% in volume and 4% in value from October and by 2% in volume and value from a year ago. While the number of first-time buyers (and indeed all buyers) has declined markedly since the credit crunch, the proportion of loans advanced to first-time buyers has remained remarkably steady, fluctuating between 34-40% since 2005. In November, first-time buyers took up 37% of the house purchase market, the same as in October.
First-time buyers continued to see a decline in the proportion of their income accounted for by mortgage interest payments – 12.2% in November compared to 12.3% in October and 13% the previous November. Mortgage interest payments for home movers, however, stayed static at 9.2% for the second month, still the lowest proportion in nine years.
Fixed-rate mortgages increased in popularity to their highest point in more than two years in November. 65% of all borrowers took out a fixed rate, up from 62% in October. This may be because a rise in interest rates seems more likely, although not imminent, and borrowers may want to lock in to current favourable rates.
Repayment mortgages continue to be chosen by the vast majority of borrowers. 98% of first-time buyers (up from 97%), 83% of movers (up from 82%) and 79% of remortgagers (up from 77%) took out a repayment mortgage in November.
CML director general Paul Smee commented:
"A rise in mortgage lending towards the end of 2011 is a welcome indicator for the industry considering confidence has been weak due to fragile economies both at home and in the Eurozone. We should expect a further increase in first-time buyer activity over the next few months as they push through their purchases to take advantage of the stamp duty concession before it ends in March."
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SOURCE:Propertytalk Live, 18 January 2011
Energy Customers - New Consumer Checklist
Consumer Focus has published a new consumer checklist for energy customers entitled ‘staying connected’.
It is a guide containing the key information that energy consumers need to know about their energy supply.
It has information about your rights as an energy customer, the level of service you should expect, how to switch supplier and get the best deal, what to do and who to contact if something goes wrong and details on what additional help is available.
The checklist is published by Consumer Focus in collaboration with Ofgem and energy suppliers, as part of the watchdog’s statutory duties on energy issues. A detailed checklist is available on Consumer Focus’s ‘staying connected’ webpage and a shorter version will be sent to consumers alongside their bills next year.
Audrey Gallacher, Director of Energy at Consumer Focus, said:
‘Energy bills are a major worry for many consumers. Yet many people find the energy market bewildering and sometimes struggle to even find the basic information they want or need. This checklist is a new guide to help customers understand their rights and signpost people to the most helpful information for them.
‘This is intended as an easy reference point that people can keep for future to help with switching, checking their rights and tackling any problems that may arise. We hope this checklist will be a useful tool to help customers to get the most from their energy firm and navigate their way around this complex market.’
http://www.consumerfocus.org.uk/get-advice/energy/your-energy-questions-2/staying-connected
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SOURCE: propertytalk Live! 6th December 2011
Preparing your home for the winter
The number of home insurance claims as a result of winter weather have risen by 200% over the last three years, research from M&S Money reveals.
The total cost of damages, from both insured and uninsured homes, now exceeds £600million per year.
M&S Money is alerting homeowners of the need to prepare for the onset of winter, while the majority (71%) understand the onus is on them to ensure their property is in good repair, less than a third have carried out basic maintenance in the last two years, such as checking for loose tiles, cleaning chimneys or cutting back plants.
Overall, the most common damage during the winter season is caused by wind, but in the last couple of years snow and heavy rain has been a real problem for homeowners.
The average cost to repair storm damage is nearly £600, although some claims run into tens of thousands of pounds. While many homeowners will have sufficient home insurance to cover the cost of damages, around 30% of households are not covered, either because no policy is in place or the claim has been invalidated due to a lack of basic maintenance.
M&S Money also highlights that other common winter hazards around the home include burst pipes; which have escalated in the last couple of years with freezing winter conditions, and chimney fires caused by neglected and dirty chimneys.
Fleur Carruthers, Home Insurance Manager at M&S Money, said:
"We recommend homeowners make time over the next couple of weeks to check their homes are in a good state of repair and ready for winter. Carrying out basic maintenance can prevent damage from occurring, and should the worst happen, ensure a claim is valid."
Top tips for preparing your home for winter:
* Check your roof for loose tiles that could be dislodged in heavy wind, causing damage and leaks;
* Keep your gutters cleared of autumn leaves to avoid blockages and resultant flood or rain damage;
* Prune trees close to the home to prevent branches snapping and damaging the house;
* Check plants growing up the house are not growing into the brickwork which could allow frost damage to infiltrate;
* If you have a chimney, make sure it is swept regularly and clear of debris that could start a chimney fire;
* Insulate pipes and leave heating on a low setting at all times in freezing conditions.
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SOURCE: Propertytalk Live 24 November 2011
2 Hours Free Parking ..Two hours free parking confirmed for the Vale
Released on November 14, 2011
Residents and visitors to the Vale are set to receive an early Christmas present after it was confirmed, subject to scrutiny, that they will be able to park for free for two hours every day from this December.
On Friday 11 November the Vale of White Horse District Council’s cabinet voted in favour of implementing a new car parking order, which includes the provision of a two hour period of free parking that drivers can take advantage of anytime between 8am and 6pm in district council car parks.
The new scheme was proposed as a way to help boost the trade in Abingdon, Faringdon and Wantage town centres, allowing people time to do everyday shopping and also explore more of what the local shops, cafes and other businesses have to offer, while not having to worry about paying to park.
It is hoped that the introduction of two hours free parking will provide a boost to businesses which are having to cope with the tough economic conditions, and in some cases the added effect of nearby building work.
Under the new arrangements the charging period will change to between 8am and 6pm. During this time people wishing to park will need to display a valid ticket, including during the free two hour period.
Once people have parked for the free two hours in a particular town they will have to pay the standard fee if they wish to park again during the charging period. Parking will remain free of charge between 6pm and 8am.
The new parking order also includes changes to the cost of standard short term parking fees and longer term parking permits.
Following approval by cabinet, the new car parking order is now subject to scrutiny. Once the scrutiny period has passed full details of the scheme will be published. It is anticipated that the scheme will launch on Friday 9 December.
Cllr Elaine Ware, cabinet member for economy, leisure and property, said: “We made a promise to the people of the Vale that we would introduce two hours free parking. I am delighted that we have been able to fulfil this promise and hope that people take real advantage of being able to park for free.
“Residents and visitors to our towns will have more opportunity to get out and explore the many local attractions, shops, cafés and other businesses and play a real part in helping to boost the local economy and keep our towns thriving, especially through these tough economic times.”
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SOURCE: The Vale of the White Horse District Council website: http://www.whitehorsedc.gov.uk/news/2011/2011-11/two-hours-free-parking-confirmed-vale
Top tips for homeowners moving to a smaller property With many homeowners choosing to downsize to release much-needed equity, The National Association of Estate Agents have produced a new guide with its top five tips for moving to a smaller property.
Mark Hayward, president-elect of the NAEA, said:
"Like any home purchase there are some basic things to keep in mind if you choose to downsize your home. Remembering that you may have to sell, store or give away some of the furniture you no longer need, and planning that well in advance can really help.
"Downsizing is also an opportunity to boost the money you'll save on energy bills by improving the energy efficiency of your home, for example by ensuring it's properly insulated".
1. Plan your packing well in advance:
Packing up a large home can be an off-putting chore, but planning well in advance can make it easier. Think about where you will be un-packing items and which room your belongings will be placed in, and then pack your boxes by the bookcase, shelf, or cupboard they'll end up in. If you haven't got it all mapped out just yet then simply make sure you label all your boxes clearly so when you unpack there aren't any surprises.
2. Don't take what you don't need:
Downsizing is also your chance to have a thorough spring clean and focus on exactly what you want in your new home, and what you don't. You may have furniture which isn't suitable for your new home, or that could do with replacing. So think ahead and make sure you have taken proper measurements of your new property, so you don't struggle on moving day with items that you probably shouldn't have brought with you.
3. Set up your utilities as soon as possible:
It isn't nice to move into a new property and spend ages getting the gas and electricity up and running. So check with the agent and get the details of the previous utility providers so you can call them to set up new accounts. Also, make sure that your phone and broadband services are ordered prior to moving in as these often take a number of weeks to become active.
4. Maximise space:
Your new home might have less elbow room, but think carefully about the layout, and look at ways you can get the most out of the space available. Often if a house has been occupied for some time, the owners may have used a bedroom for storage or a study.
5. Ask the professionals
Often the easiest way of getting the most up-to-date information that you need about moving home is to consult a respected, local professional.
Source: Propertytalk Live! 18.11.2011
What is Quantitative Easing
Despite the economy having grown by just 0.1% in the second quarter of the year, the Bank of England has chosen to keep the base rate on hold at 0.5% again.
It is now over two-and-a-half years since the base rate dropped to its current level, but the Bank clearly does not feel that now is the time to increase the burden on struggling borrowers - despite the nation's savers suffering.
Instead, it intends to try to boost the economy by purchasing bonds worth £75 billion - a policy known as quantitative easing (QE).
But just what is QE? And how can it help to jumpstart the economy? The experts at www.moneysupermarket.com explain what you need to know...
How does QE work?
QE is an unconventional monetary policy used by central banks such as the Bank of England to ease monetary conditions and aid economic recovery.
It is used as a "last resort" to increase the supply of money available when interest rates are either at or close to 0% - as they are at the moment - and cannot therefore be further reduced to give the economy a lift.
It involves the bank spending its own money on bonds, usually issued by the government of the country in which it is based. For the Bank of England, this would therefore be UK government bonds.
Sometimes referred to as the "printing" of electronic money, QE hit the headlines in 2008 when the US central bank spent more than .5 trillion (£1 trillion) buying bonds with money that it, in effect, created on its own account.
The Bank of England has also done it before, spending about £165 billion on UK government bonds in 2009, and increasing this amount to £200 billion last year. It is this amount that has now been raised to £275 billion.
The aim is to increase demand for bonds, which in turn lowers the yield, bringing down long-term interest rates and making borrowing cheaper.
How does that help?
The availability of cheap money helps to boost equity prices and supports the housing market.
The stock market likes listed companies having access to cheap credit, leading to higher valuations, and cheaper mortgages make it easier for people to get on to the housing ladder or move to more expensive properties.
Both the stock market and the housing market should therefore benefit from QE.
However, the main aim of this round of QE, announced last month by Chancellor George Osborne and confirmed by the Bank of England today, is to improve the ability of small businesses - many of which have struggled in the downturn - to borrow.
Why do we need another round of QE?
The government's cost-cutting measures have proved a bitter pill for cash-strapped consumers to swallow. Economic growth is almost non-existent, the housing market is struggling and the stock market has been thrown into turmoil by global events.
Smaller companies, which are vital to economic growth, are also finding it hard to get their hands on the cash they need to succeed and expand.
The Bank of England is therefore hoping that a new round of QE will help to improve the situation and get the economy back on track.
What are the risks?
Some economists argue that "printing" money always leads to higher inflation. This could prove problematic as the rate of inflation in the UK is already at 4.5% - more than double the Bank of England's target of 2%.
However, fans of QE believe that the sophisticated purchase and re-sale of government bonds can be done in a way that prevents inflation.
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SOURCE: http://propertytalklive.co.uk/index.php
Monday, 10 October 2011
Suzy Lamplugh's mother dies
The mother of murdered west London estate agent Suzy Lamplugh has died.
Diana Lamplugh became a vocal personal safety campaigner after her daughter vanished in 1986, having left her office to meet a client known only as Mr Kipper. Her body has never been found but she was declared dead, presumed murdered, in 1994.
Diana Lamplugh set up the Suzy Lamplugh Trust which to this day campaigns for the safety of all lone workers, including estate agents and letting agents. The charity has in the past been adopted by the NAEA and remains a voice in the property industry.
Yesterday, Diana Lamplugh died in her sleep aged 75 after suffering a massive stroke, still not knowing details of the ultimate fate of her daughter.
She received an OBE in 1992 and was a tireless campaigner for everything from making minicabs and trains safer to protecting victims of stalking and harassment. She had suffered an earlier stroke in 2003 and had endured a long battle with Alzheimer’s.
Paul Infield, chairman of the Suzy Lamplugh Trust's board of trustees, said: "Diana was one of those people who contributed energy, focus and commitment to everything she did.
"With her husband Paul, she was tireless in establishing, through the trust, the concept of and discipline for personal safety – now a household expression – as a positive life skill for people of all ages and occupations."
She leaves her husband Paul, her other children Richard, Tamsin and Lizzie, and seven grandchildren.
http://www.suzylamplugh.org/
SOURCE: Estate Agent Today, (e-zine, artical dated 19.08.2011)
Love at first site! For Dr Pamela Stagg-Jones and her husband, Ray Jones, it was ‘love at first sight’ when they viewed the houses at Beechcroft’s Fern Hill Place... 6th October 2009
Faringdon ‘grows’ on Pamela and Ray!
For Dr Pamela Stagg-Jones and her husband, Ray Jones, it was ‘love at first sight’ when they viewed the houses at Beechcroft’s Fern Hill Place but, having set their hearts on living in somewhere like Marlborough or Cirencester, they were reluctant to move to Faringdon! Now, just three months later, they have grown to love the town which offers everything they need as well as being a friendly place to live!
Pamela and Ray lived in Texas and Florida for over 20 years and moved to Penarth, near Cardiff before discovering Fern Hill Place.
Tucked away in a landscaped setting just off Coxwell Road, Fern Hill Place is located in one of Faringdon’s most sought-after residential areas and falls within the catchment area of the popular Faringdon Community College. Each of the 10 new homes at Fern Hill Place has been carefully designed, built and finished and features the high quality specification that has helped Beechcroft gain an enviable reputation over the last two decades.
“We were hoping to buy a new, easy-to-maintain home in Cirencester or perhaps in Marlborough, where our daughter lives. Faringdon wasn’t even on our list but friends, who were also looking to move, recommended we take a look at Fern Hill Place which they really liked,” comments Pamela. “I’d visited a Beechcroft development in Winchester some time before and because I liked the style of the new homes and the quality of build and finish, we decided to visit Fern Hill Place. From the start, my husband thought the Beechcroft development was perfect for us but I wasn’t too keen on Faringdon itself so we continued our search.”
Having failed to find anything that matched up to Fern Hill Place, the Joneses decided that Fern Hill Place could indeed be a good location. They agreed that the location, equidistant between three sets of grandchildren and close to Wrag Barn Golf Club in Highworth, where Ray is a keen player, was ideal – and bought one of the new homes.
“Beechcroft’s architect was certainly inspired when he designed the 10 new homes here. Each has a garage and some homes also have a workshop. Our flat in Penarth was large but didn’t have a garage. It’s also good to have a security gate,” adds Pamela. “One of the best things about living here, though, is the sense of community. We go out to dinner with our neighbours on occasion and we had a wonderful barbecue in a neighbour’s garden in the summer. It’s really nice that the community is mixed – three of the couples are active and retired like us and there are two young families; it’s lovely to have children around.”
Much to Pamela’s surprise, Faringdon has actually ‘grown’ on them! In fact, she says that every time they visit the town it becomes more appealing.
“I can honestly say that we can get everything we want in the town – whether it’s for us, for the grandchildren or even for dinner parties. We don’t have to go to Swindon for anything. The town’s supermarket has local produce, potatoes straight from the ground as well as all the usual stuff. There’s also a very good delicatessen.”
“The Faringdon Coffee Shop is a delight. The people who work there are wonderful; always smiling, always helpful. You’re able to choose your own blend of coffee – and it’s beautiful – and there are delicious home-made cakes and pastries. There’s a post office and a Really Useful Shop – that is just that!”
“We had the biggest surprise when we needed some furniture. We’d been to Reading, Oxford and Swindon and did far better in Faringdon. We went to a store called Majo in Faringdon. The young man there knows all about furniture and has some beautiful pieces in his store – which extends to three levels. He really went out of his way to help us and even came and fitted some items into our new home for us.”
Currently, the final new home is on sale at Fern Hill Place so anyone wanting to join this lovely community will need to move swiftly. This last remaining property is the former show house with four bedrooms, two bathrooms and a cloakroom arranged over three storeys.
For information on this attractive home, which comes complete with carpets, curtains, blinds and light fittings at just xxxx, please contact the Beechcroft sales team on Thursdays, Fridays and Saturdays from 10 am to 5 pm on 01367 244105. Outside these hours, please contact selling agents, Greens, on 01235 763562. Information on all Beechcroft developments is available on www.beechcroft.co.uk.
- Ends -
Photograph: Dr Pamela Stagg-Jones
Media information: Sheila Frampton
Craven Group
01428 751755/07789 275868
sheila.frampton@craven-property.com
'Open Market Homebuy' scheme Government assistance is back for First Time Buyers If you can’t afford to buy a home, the ‘Open Market HomeBuy’ scheme can help you to get a loan alongside a regular mortgage. Find out if you are eligible and how it works.
Open Market HomeBuy - who can apply?
You need to be sure that you meet the eligibility criteria before you can buy a home with help from the Open Market HomeBuy scheme. The scheme is run in England by ‘HomeBuy agents’, who can help you through the application process. HomeBuy agents are appointed housing associations - non-profit organisations that manage housing for people having difficulty buying a home.
Open Market HomeBuy is open to households earning less than £60,000 a year who would otherwise be unable to buy a home.
You may be eligible if you are either a:
* first time buyer
* previous home owner who can't now afford to buy without help (perhaps because you have broken up with your partner)
* housing association or council tenant
* ‘key worker’ (a key public sector worker, like a nurse or teacher)
To find out more click here
Fern Hill Place Home buyers coming out of hibernation at Fern Hill Place, Faringdon! Specialist developer, Beechcroft is celebrating an upturn in the property market – despite the fact that there’s still ‘doom and gloom’ about in the economy, potential home buyers are coming out of what has been a winter of ‘hibernation.’
At Fern Hill Place, Faringdon, the sales team has had a flurry of visitors from all over the Home Counties, looking for a new home in an excellent commuting location, as Sales and Marketing Director, Angela South explains:
“What we’ve been finding at Fern Hill Place is that people are now tired of renting and are ready to buy. We believe that many people who wouldn’t normally have rented have been persuaded to do so because of the economic climate and now they’re finding that the money they invested in the bank isn’t earning much interest, property prices are more affordable and, of course, it’s always preferable to own your own home.”
Fern Hill Place is the ideal location for anyone – singles, couples or families – looking for a new home in an excellent location as selling agent, Tim Green, of Green & Co in Wantage explains:
“This gated community of just ten four-bedroom private homes is tucked away just off Coxwell Road, which in addition to being one of Faringdon’s most sought-after residential areas, falls within the catchment area of Faringdon Community College, one of only two schools in the whole of Oxfordshire to be awarded an ‘outstanding’ rating by OFSTED.”
“The new homes, which are ready to move into now, have a high specification, private gardens, garages and parking. Unlike many new developments, Fern Hill Place is a select and contained development in a popular and established residential location within the town. With both the town centre and open countryside only a walk away too, these should all be key points for home buyers."
"In any market, location should be the highest priority and with so many new homes are being constructed on brown field sites with mixed use it is rare to find these smaller exclusive projects. This could well explain the reasons for the surge in interest that we are experiencing."
“Faringdon is also an excellent place to live because it provides easy road access to Oxford and Swindon, the A34 and M4 and, of course, there’s a mainline railway station at Oxford which provides a swift service to London Paddington,” adds Tim.
Anyone interested in living at Fern Hill Place, where prices currently range from £299,950 for one of the courtyard properties, will need to act swiftly. The sales office and show home is open each Thursday, Friday and Saturday from 10 am to 5 pm and can be contacted on 01367 244105. Out of office hours, please call selling agents, Green & Co, on 01235 763562.
Information on all Beechcroft developments is available on www.beechcroft.co.uk.
Photograph: Beechcroft’s Fern Hill Place development in Faringdon, Oxon
Media information: Sheila Frampton
Craven Property Services
Sheila.frampton@craven-property.com
07789 275868/01428 751755
Stamp Duty Land Tax Rates STAMP DUTY LAND TAX RATES
New threshholds following Budget 3 September 2008 which are valid until 2 September 2009.
Residential property - purchase price
Rate of Stamp Duty Land Tax
up to £175,000 (until 2 September 2009 inclusive) 0%
£175,001 - £250,000 1%
£250,001 - £500,000 3%
£500,001 or more 4%
Stamp Duty Land Tax when you buy property
New thresholds introduced from 3 September 2008 mean that if you buy property and the purchase price is £175,000 or less you don't pay any Stamp Duty Land Tax at all.
If it's more than £175,000, you pay between one and four per cent of the whole purchase price. The £175,000 threshold (up from £125,000) will remain in place up to and including 2 September 2009.
source: http://www.direct.gov.uk/
Drawing Competition Drawing competition winner announced.
Lewis Gallagher has been announced as the overall winner of the Green & Co. Drawing Competition launched at the 2008 Didcot Street Fair. Lewis drew an impressive version of James Bond in his Aston Martin as seen here and was chosen by the judges from a very good quality entry. The entrants were not restricted to the James Bond theme but many of the pictures were fully in the theme of the Street fair. After a tough decision Lewis' picture was announced as the winner. The prize awarded to the winner is to attend a practice session for the Green & Co rally team and enjoy the passenger ride of a lifetime. Three runners up also received prizes for their efforts.
HIP Regulations update Minister for Housing ends the Transitional Arrangements for HIP Regulations Home information packs have proved themselves to be contraversial at best and considered ill-advised and rushed through by many. However the current government shows no sign of abandoning the scheme and with every alteration there is a chance that their effectiveness could improve.
On the 8 December 2008 the Housing Minister, Margaret Beckett, confirmed the ending of the current transitional arrangements for the HIP Regulations.
This means:
From the 6 April 2009 the following minimum documents must be available before First Day Marketing of a property can legally take place:
Index of the documents contained in the HIP
Energy Performance Certificate or Predicted Energy Assessment
Sale Statement
Land Registry Title documents and Plan
After the 6 April 2009 mean it will no longer be enough just to have ordered a HIP in order to begin marketing.
Where there is a delay in obtaining the EPC or PEA marketing can begin on Day 15 after it was requested.
A further requirement from the 6 April is that the HIP must contain a NEW document – the Property Information Questionnaire (PIQ) within 28 days of First Day Marketing.
The PIQ contains questions for the vendor to answer from their own knowledge and experience of living in the property, for example: When was the property purchased? What Council Tax Band is the property in?
The changes to the scheme will affect those people considering the sale of their home in the Spring of 2009. Anyone going to the market after the 6th April will be delayed by having to comply with the new regulations. It would be advisable to take advice well in advance of the time that you wish to commence marketing to save any unnecessary/damaging delays. We will be able to provide you advise you on all aspects of your move.
Contact us now on post@greenand.co.uk
Green Bauble Award Green & Co recognised for partnership work in recycling. Green & Co. have been working in partnership with the Vale of the White Horse District Council and this month been recognised with the 'Green Bauble Award'. Nominated by the VWHDC for recognising sound environmental practice, the award is presented by the Oxfordshire Waste partnership of which the council is a partner. The award is intended to show to the general public which companies are amongst the County's 'greenest.'
Part of the work that Green & Co undertake is providing new tenants and homeowners with useful information packs containing advice on energy conservation and recycling issues. This forms part of an expanding scheme within the company towards environmental responsibility. Partner Tim Green said 'this is really the start of a much bigger programme within the firm on a very important issue in the world today. We are very pleased to have been recognised with the nomination for this award.'
Didcot Street Fair Green & Co in Didcot opened their offices late last week to join in the festvities at the Didcot Town Christmas Street Fair. This hugely well supported event is one of the town's main events of the year and really marks the beginning of the Christmas Advent.
Office Manager Paul Jarvis launched a drawing competition for 7-17 year olds for the evening and headed the team handing out FREE entry forms. Goodie bags with gas balloons were handed out to all the passing children and mulled wine and soft refreshments provided for everyone. The entry forms for the Drawing Competition need to be back in the office in good time for the judging which will take place on Monday the 16th December.
The two lucky winners will win a ride in the Team Green Rally car sponsored by the firm.
July News, Housing Market Update House prices 'dropped 1% in June'
House prices in England and Wales fell by 1% in June from May, according to figures from the Land Registry. That drop meant that the annual rate of increase was 0.1%, the tenth consecutive month that the annual rate of growth has slowed.
The average price of a home in England and Wales slipped to £180,781.
Despite the current slowdown, which has been caused by tougher lending demands, a social housing group predicted that house prices would rise 25% by 2013.
Rising or falling?
According to the National Housing Federation (NHF), average house prices in England were set to rise by 25% over the next five years because demand for housing would outstrip the construction of new homes.
"People are living longer, they're delaying getting married and they're more likely to get divorced - meaning that we now have more households than ever"
David Orr National Housing Federation
The NHF said that house prices in England would fall by 4.4% in 2008, and be 2.1% lower in 2009.
However, it predicts that prices will have recovered by 2010 and would rise by more than 9% in 2012 and 2013.
While there are questions about how accurate five-year forecasts can be, there is a general concern that new homes being built will not meet demand.
"As soon as the economic outlook improves, house prices will resume their previous upward trajectory," said the Federation's chief executive David Orr.
Market view
In the meantime, analysts are trying to work out how fast and how far house prices will drop.
The Land Registry figures are based on prices at the completion of sales and therefore lag behind some of the other surveys which rely on mortgage data.
The figures show that during June the house price fall was particularly marked in London, which saw prices drop by 2.5% from May.
It also found that sales volumes remained much lower across England and Wales than in the same month a year ago.
The North East of England was the only area to see a monthly rise in prices, up 4.1% in June and 3.1% for the year. That made the average house price in the region worth £133,508.
The region with the biggest year-on-year fall was the West Midlands (down 2.3%), with the average cost of a home in the region at £149,375.
The most up-to-date figures from the Registry on the number of homes changing hands show that far fewer people are moving than last year.
The credit crunch has made it more difficult, especially for first-time buyers, to get a good mortgage deal.
The figures show that semi-detached homes in England and Wales fell in price by 0.6% in June 2008 compared with a year earlier.
Detached homes went up in price over the same period by 0.8%.
SOURCE: BBC News 28 July 2008
July News Relief in the mortgage market as lenders finally start lowering rages
Mortgage lenders have finally started to cut their rates - bringing welcome relief for homeowners.
Nationwide will tomorrow deliver it's second reduction in a week, cutting annual payments for an average borrower by a total of £550. Their move follows six months of gloom in the mortgage market in which dates have reached their highest levels for a decade.
Relief: Mortgage lender Nationwide has announced it will cut up to 0.46 percentage points off it's rates on Friday. Experts said yesterday they hoped the worst of the mortgage drought was over and that June would go down as the market's nadir.
Tomorrow (18 July 2008) the Nationwide will cut up to 0.46 percentage points off it's mortgage rates. Other lenders, such as Abbey, Woolwich and even the nationalised Northern Rock, have cut rates over the last seven days. For homeowners, particularly those who need to re-mortgage in the next few months, this will come as an enormous relief. Thousands have been worrying that they will not be able to afford their new mortgage because of sky-high rates. On July 8, the rate for a two-year fixed mortgage for up to 75 percent of a property's value stood at 6.65 percent with the Nationwide. The rate will drop to 6.18 percent, saving £45 a month, or £540 a year, from the costs of repaying an average £155,000 loan.
SOURCE: MailOnLine 17 July 2008
May News Shellingford School – reaping the rewards! Staff and pupils of Shellingford CE Primary School have been celebrating the success of a strong partnership that they have forged with the local community.
Following a recent Auction of Promises held at the School the pledges made by so many local businesses have now been turned into the latest ‘state of the art’ facilities at Shellingford School.
“The support that has been shown by so many businesses and private individuals close to the school has been overwhelming. Combined with the unstinting efforts made by the ‘Friends of Shellingford School’ (FOSS) that support from the local community has been converted into somewhere approaching £7000 of much needed funds for the school. The facilities in which we have now been fortunate enough to be able to invest provide the pupils with even greater opportunities to make their time special here at Shellingford.”
Pictured above are Heidi Crook (Chair of FOSS), Louis Clark (School IT consultant), Tim Green of Green & Co. Estate agents who donated ‘Sell your house for FREE’ and pupils Daniel Crook and Stephen Clark.
Shellingford C.E. (Aided) Primary School can be contacted on 01367 710301 or visiting www.shellingford.oxon.sch.uk.
May News Bryant Homes -Official Launch - 22 May 2008 5.30-7.30pm Kings Walk Wantage. Open invitation to all intersted parties to see this unique development first hand and learn more about the possibility of making the dream the reality. Market advisors, Mortgage consultants and Bryant representatives will all be on hand with the Green & Co team to answer all the questions that you may have. Come and join us for a drink and see how this desirable quarter of town is taking shape.
May News Green & Co helping the first time market The property market continues to make it even more difficult for first time buyers to get on the ladder. So Green & Co are trying to demonstrate every method that potential buyers can use to be able to do so. They now have a range of property that include the following opportunities:
If you have little or no deposit - move in for £99!
Buy only a percentage of the property - shared ownership.
Advice on key worker schemes from Independent Mortgage consultants.
Assistance available for stamp duty, legal costs, mortgage fees or possibly even internal finishes including carpets.
The company intends to hold First time buyer workshops later in the year specifically designed to help intersted parties at this difficult end of the market. All relevant advisers would be on hand to leave attendees fully informed. Contact our Sales team on 01235 763562 for further details.
House purchase lending in November experienced a year-on-year rise for only the second time in 2011, according to the Council of Mortgage Lenders.
Loans for house purchase totalled 47,000 (worth £6.9 billion) in November, a 4% rise (5% in value) from October and a 3% rise (5% in value) compared to November 2010. Remortgaging also increased.
There were 31,200 loans (worth £4 billion), up from 29,500 (worth £3.7 billion) in October and 30,700 (worth £3.8 billion) the previous November.
First-time buyers took out 17,300 loans, worth £2.1 billion in November, up 4% by volume and 5% by value compared to both October 2011 and November 2010. Home mover loans increased by 5% in volume and 4% in value from October and by 2% in volume and value from a year ago. While the number of first-time buyers (and indeed all buyers) has declined markedly since the credit crunch, the proportion of loans advanced to first-time buyers has remained remarkably steady, fluctuating between 34-40% since 2005. In November, first-time buyers took up 37% of the house purchase market, the same as in October.
First-time buyers continued to see a decline in the proportion of their income accounted for by mortgage interest payments – 12.2% in November compared to 12.3% in October and 13% the previous November. Mortgage interest payments for home movers, however, stayed static at 9.2% for the second month, still the lowest proportion in nine years.
Fixed-rate mortgages increased in popularity to their highest point in more than two years in November. 65% of all borrowers took out a fixed rate, up from 62% in October. This may be because a rise in interest rates seems more likely, although not imminent, and borrowers may want to lock in to current favourable rates.
Repayment mortgages continue to be chosen by the vast majority of borrowers. 98% of first-time buyers (up from 97%), 83% of movers (up from 82%) and 79% of remortgagers (up from 77%) took out a repayment mortgage in November.
CML director general Paul Smee commented:
"A rise in mortgage lending towards the end of 2011 is a welcome indicator for the industry considering confidence has been weak due to fragile economies both at home and in the Eurozone. We should expect a further increase in first-time buyer activity over the next few months as they push through their purchases to take advantage of the stamp duty concession before it ends in March."
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SOURCE:Propertytalk Live, 18 January 2011
Energy Customers - New Consumer Checklist
Consumer Focus has published a new consumer checklist for energy customers entitled ‘staying connected’.
It is a guide containing the key information that energy consumers need to know about their energy supply.
It has information about your rights as an energy customer, the level of service you should expect, how to switch supplier and get the best deal, what to do and who to contact if something goes wrong and details on what additional help is available.
The checklist is published by Consumer Focus in collaboration with Ofgem and energy suppliers, as part of the watchdog’s statutory duties on energy issues. A detailed checklist is available on Consumer Focus’s ‘staying connected’ webpage and a shorter version will be sent to consumers alongside their bills next year.
Audrey Gallacher, Director of Energy at Consumer Focus, said:
‘Energy bills are a major worry for many consumers. Yet many people find the energy market bewildering and sometimes struggle to even find the basic information they want or need. This checklist is a new guide to help customers understand their rights and signpost people to the most helpful information for them.
‘This is intended as an easy reference point that people can keep for future to help with switching, checking their rights and tackling any problems that may arise. We hope this checklist will be a useful tool to help customers to get the most from their energy firm and navigate their way around this complex market.’
http://www.consumerfocus.org.uk/get-advice/energy/your-energy-questions-2/staying-connected
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SOURCE: propertytalk Live! 6th December 2011
Preparing your home for the winter
The number of home insurance claims as a result of winter weather have risen by 200% over the last three years, research from M&S Money reveals.
The total cost of damages, from both insured and uninsured homes, now exceeds £600million per year.
M&S Money is alerting homeowners of the need to prepare for the onset of winter, while the majority (71%) understand the onus is on them to ensure their property is in good repair, less than a third have carried out basic maintenance in the last two years, such as checking for loose tiles, cleaning chimneys or cutting back plants.
Overall, the most common damage during the winter season is caused by wind, but in the last couple of years snow and heavy rain has been a real problem for homeowners.
The average cost to repair storm damage is nearly £600, although some claims run into tens of thousands of pounds. While many homeowners will have sufficient home insurance to cover the cost of damages, around 30% of households are not covered, either because no policy is in place or the claim has been invalidated due to a lack of basic maintenance.
M&S Money also highlights that other common winter hazards around the home include burst pipes; which have escalated in the last couple of years with freezing winter conditions, and chimney fires caused by neglected and dirty chimneys.
Fleur Carruthers, Home Insurance Manager at M&S Money, said:
"We recommend homeowners make time over the next couple of weeks to check their homes are in a good state of repair and ready for winter. Carrying out basic maintenance can prevent damage from occurring, and should the worst happen, ensure a claim is valid."
Top tips for preparing your home for winter:
* Check your roof for loose tiles that could be dislodged in heavy wind, causing damage and leaks;
* Keep your gutters cleared of autumn leaves to avoid blockages and resultant flood or rain damage;
* Prune trees close to the home to prevent branches snapping and damaging the house;
* Check plants growing up the house are not growing into the brickwork which could allow frost damage to infiltrate;
* If you have a chimney, make sure it is swept regularly and clear of debris that could start a chimney fire;
* Insulate pipes and leave heating on a low setting at all times in freezing conditions.
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SOURCE: Propertytalk Live 24 November 2011
Released on November 14, 2011
Residents and visitors to the Vale are set to receive an early Christmas present after it was confirmed, subject to scrutiny, that they will be able to park for free for two hours every day from this December.
On Friday 11 November the Vale of White Horse District Council’s cabinet voted in favour of implementing a new car parking order, which includes the provision of a two hour period of free parking that drivers can take advantage of anytime between 8am and 6pm in district council car parks.
The new scheme was proposed as a way to help boost the trade in Abingdon, Faringdon and Wantage town centres, allowing people time to do everyday shopping and also explore more of what the local shops, cafes and other businesses have to offer, while not having to worry about paying to park.
It is hoped that the introduction of two hours free parking will provide a boost to businesses which are having to cope with the tough economic conditions, and in some cases the added effect of nearby building work.
Under the new arrangements the charging period will change to between 8am and 6pm. During this time people wishing to park will need to display a valid ticket, including during the free two hour period.
Once people have parked for the free two hours in a particular town they will have to pay the standard fee if they wish to park again during the charging period. Parking will remain free of charge between 6pm and 8am.
The new parking order also includes changes to the cost of standard short term parking fees and longer term parking permits.
Following approval by cabinet, the new car parking order is now subject to scrutiny. Once the scrutiny period has passed full details of the scheme will be published. It is anticipated that the scheme will launch on Friday 9 December.
Cllr Elaine Ware, cabinet member for economy, leisure and property, said: “We made a promise to the people of the Vale that we would introduce two hours free parking. I am delighted that we have been able to fulfil this promise and hope that people take real advantage of being able to park for free.
“Residents and visitors to our towns will have more opportunity to get out and explore the many local attractions, shops, cafés and other businesses and play a real part in helping to boost the local economy and keep our towns thriving, especially through these tough economic times.”
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SOURCE: The Vale of the White Horse District Council website: http://www.whitehorsedc.gov.uk/news/2011/2011-11/two-hours-free-parking-confirmed-vale
Top tips for homeowners moving to a smaller property With many homeowners choosing to downsize to release much-needed equity, The National Association of Estate Agents have produced a new guide with its top five tips for moving to a smaller property.
Mark Hayward, president-elect of the NAEA, said:
"Like any home purchase there are some basic things to keep in mind if you choose to downsize your home. Remembering that you may have to sell, store or give away some of the furniture you no longer need, and planning that well in advance can really help.
"Downsizing is also an opportunity to boost the money you'll save on energy bills by improving the energy efficiency of your home, for example by ensuring it's properly insulated".
1. Plan your packing well in advance:
Packing up a large home can be an off-putting chore, but planning well in advance can make it easier. Think about where you will be un-packing items and which room your belongings will be placed in, and then pack your boxes by the bookcase, shelf, or cupboard they'll end up in. If you haven't got it all mapped out just yet then simply make sure you label all your boxes clearly so when you unpack there aren't any surprises.
2. Don't take what you don't need:
Downsizing is also your chance to have a thorough spring clean and focus on exactly what you want in your new home, and what you don't. You may have furniture which isn't suitable for your new home, or that could do with replacing. So think ahead and make sure you have taken proper measurements of your new property, so you don't struggle on moving day with items that you probably shouldn't have brought with you.
3. Set up your utilities as soon as possible:
It isn't nice to move into a new property and spend ages getting the gas and electricity up and running. So check with the agent and get the details of the previous utility providers so you can call them to set up new accounts. Also, make sure that your phone and broadband services are ordered prior to moving in as these often take a number of weeks to become active.
4. Maximise space:
Your new home might have less elbow room, but think carefully about the layout, and look at ways you can get the most out of the space available. Often if a house has been occupied for some time, the owners may have used a bedroom for storage or a study.
5. Ask the professionals
Often the easiest way of getting the most up-to-date information that you need about moving home is to consult a respected, local professional.
Source: Propertytalk Live! 18.11.2011
What is Quantitative Easing
Despite the economy having grown by just 0.1% in the second quarter of the year, the Bank of England has chosen to keep the base rate on hold at 0.5% again.
It is now over two-and-a-half years since the base rate dropped to its current level, but the Bank clearly does not feel that now is the time to increase the burden on struggling borrowers - despite the nation's savers suffering.
Instead, it intends to try to boost the economy by purchasing bonds worth £75 billion - a policy known as quantitative easing (QE).
But just what is QE? And how can it help to jumpstart the economy? The experts at www.moneysupermarket.com explain what you need to know...
How does QE work?
QE is an unconventional monetary policy used by central banks such as the Bank of England to ease monetary conditions and aid economic recovery.
It is used as a "last resort" to increase the supply of money available when interest rates are either at or close to 0% - as they are at the moment - and cannot therefore be further reduced to give the economy a lift.
It involves the bank spending its own money on bonds, usually issued by the government of the country in which it is based. For the Bank of England, this would therefore be UK government bonds.
Sometimes referred to as the "printing" of electronic money, QE hit the headlines in 2008 when the US central bank spent more than .5 trillion (£1 trillion) buying bonds with money that it, in effect, created on its own account.
The Bank of England has also done it before, spending about £165 billion on UK government bonds in 2009, and increasing this amount to £200 billion last year. It is this amount that has now been raised to £275 billion.
The aim is to increase demand for bonds, which in turn lowers the yield, bringing down long-term interest rates and making borrowing cheaper.
How does that help?
The availability of cheap money helps to boost equity prices and supports the housing market.
The stock market likes listed companies having access to cheap credit, leading to higher valuations, and cheaper mortgages make it easier for people to get on to the housing ladder or move to more expensive properties.
Both the stock market and the housing market should therefore benefit from QE.
However, the main aim of this round of QE, announced last month by Chancellor George Osborne and confirmed by the Bank of England today, is to improve the ability of small businesses - many of which have struggled in the downturn - to borrow.
Why do we need another round of QE?
The government's cost-cutting measures have proved a bitter pill for cash-strapped consumers to swallow. Economic growth is almost non-existent, the housing market is struggling and the stock market has been thrown into turmoil by global events.
Smaller companies, which are vital to economic growth, are also finding it hard to get their hands on the cash they need to succeed and expand.
The Bank of England is therefore hoping that a new round of QE will help to improve the situation and get the economy back on track.
What are the risks?
Some economists argue that "printing" money always leads to higher inflation. This could prove problematic as the rate of inflation in the UK is already at 4.5% - more than double the Bank of England's target of 2%.
However, fans of QE believe that the sophisticated purchase and re-sale of government bonds can be done in a way that prevents inflation.
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SOURCE: http://propertytalklive.co.uk/index.php
Monday, 10 October 2011
The mother of murdered west London estate agent Suzy Lamplugh has died.
Diana Lamplugh became a vocal personal safety campaigner after her daughter vanished in 1986, having left her office to meet a client known only as Mr Kipper. Her body has never been found but she was declared dead, presumed murdered, in 1994.
Diana Lamplugh set up the Suzy Lamplugh Trust which to this day campaigns for the safety of all lone workers, including estate agents and letting agents. The charity has in the past been adopted by the NAEA and remains a voice in the property industry.
Yesterday, Diana Lamplugh died in her sleep aged 75 after suffering a massive stroke, still not knowing details of the ultimate fate of her daughter.
She received an OBE in 1992 and was a tireless campaigner for everything from making minicabs and trains safer to protecting victims of stalking and harassment. She had suffered an earlier stroke in 2003 and had endured a long battle with Alzheimer’s.
Paul Infield, chairman of the Suzy Lamplugh Trust's board of trustees, said: "Diana was one of those people who contributed energy, focus and commitment to everything she did.
"With her husband Paul, she was tireless in establishing, through the trust, the concept of and discipline for personal safety – now a household expression – as a positive life skill for people of all ages and occupations."
She leaves her husband Paul, her other children Richard, Tamsin and Lizzie, and seven grandchildren.
http://www.suzylamplugh.org/
SOURCE: Estate Agent Today, (e-zine, artical dated 19.08.2011)
Faringdon ‘grows’ on Pamela and Ray!
For Dr Pamela Stagg-Jones and her husband, Ray Jones, it was ‘love at first sight’ when they viewed the houses at Beechcroft’s Fern Hill Place but, having set their hearts on living in somewhere like Marlborough or Cirencester, they were reluctant to move to Faringdon! Now, just three months later, they have grown to love the town which offers everything they need as well as being a friendly place to live!
Pamela and Ray lived in Texas and Florida for over 20 years and moved to Penarth, near Cardiff before discovering Fern Hill Place.
Tucked away in a landscaped setting just off Coxwell Road, Fern Hill Place is located in one of Faringdon’s most sought-after residential areas and falls within the catchment area of the popular Faringdon Community College. Each of the 10 new homes at Fern Hill Place has been carefully designed, built and finished and features the high quality specification that has helped Beechcroft gain an enviable reputation over the last two decades.
“We were hoping to buy a new, easy-to-maintain home in Cirencester or perhaps in Marlborough, where our daughter lives. Faringdon wasn’t even on our list but friends, who were also looking to move, recommended we take a look at Fern Hill Place which they really liked,” comments Pamela. “I’d visited a Beechcroft development in Winchester some time before and because I liked the style of the new homes and the quality of build and finish, we decided to visit Fern Hill Place. From the start, my husband thought the Beechcroft development was perfect for us but I wasn’t too keen on Faringdon itself so we continued our search.”
Having failed to find anything that matched up to Fern Hill Place, the Joneses decided that Fern Hill Place could indeed be a good location. They agreed that the location, equidistant between three sets of grandchildren and close to Wrag Barn Golf Club in Highworth, where Ray is a keen player, was ideal – and bought one of the new homes.
“Beechcroft’s architect was certainly inspired when he designed the 10 new homes here. Each has a garage and some homes also have a workshop. Our flat in Penarth was large but didn’t have a garage. It’s also good to have a security gate,” adds Pamela. “One of the best things about living here, though, is the sense of community. We go out to dinner with our neighbours on occasion and we had a wonderful barbecue in a neighbour’s garden in the summer. It’s really nice that the community is mixed – three of the couples are active and retired like us and there are two young families; it’s lovely to have children around.”
Much to Pamela’s surprise, Faringdon has actually ‘grown’ on them! In fact, she says that every time they visit the town it becomes more appealing.
“I can honestly say that we can get everything we want in the town – whether it’s for us, for the grandchildren or even for dinner parties. We don’t have to go to Swindon for anything. The town’s supermarket has local produce, potatoes straight from the ground as well as all the usual stuff. There’s also a very good delicatessen.”
“The Faringdon Coffee Shop is a delight. The people who work there are wonderful; always smiling, always helpful. You’re able to choose your own blend of coffee – and it’s beautiful – and there are delicious home-made cakes and pastries. There’s a post office and a Really Useful Shop – that is just that!”
“We had the biggest surprise when we needed some furniture. We’d been to Reading, Oxford and Swindon and did far better in Faringdon. We went to a store called Majo in Faringdon. The young man there knows all about furniture and has some beautiful pieces in his store – which extends to three levels. He really went out of his way to help us and even came and fitted some items into our new home for us.”
Currently, the final new home is on sale at Fern Hill Place so anyone wanting to join this lovely community will need to move swiftly. This last remaining property is the former show house with four bedrooms, two bathrooms and a cloakroom arranged over three storeys.
For information on this attractive home, which comes complete with carpets, curtains, blinds and light fittings at just xxxx, please contact the Beechcroft sales team on Thursdays, Fridays and Saturdays from 10 am to 5 pm on 01367 244105. Outside these hours, please contact selling agents, Greens, on 01235 763562. Information on all Beechcroft developments is available on www.beechcroft.co.uk.
- Ends -
Photograph: Dr Pamela Stagg-Jones
Media information: Sheila Frampton
Craven Group
01428 751755/07789 275868
sheila.frampton@craven-property.com
'Open Market Homebuy' scheme Government assistance is back for First Time Buyers If you can’t afford to buy a home, the ‘Open Market HomeBuy’ scheme can help you to get a loan alongside a regular mortgage. Find out if you are eligible and how it works.
Open Market HomeBuy - who can apply?
You need to be sure that you meet the eligibility criteria before you can buy a home with help from the Open Market HomeBuy scheme. The scheme is run in England by ‘HomeBuy agents’, who can help you through the application process. HomeBuy agents are appointed housing associations - non-profit organisations that manage housing for people having difficulty buying a home.
Open Market HomeBuy is open to households earning less than £60,000 a year who would otherwise be unable to buy a home.
You may be eligible if you are either a:
* first time buyer
* previous home owner who can't now afford to buy without help (perhaps because you have broken up with your partner)
* housing association or council tenant
* ‘key worker’ (a key public sector worker, like a nurse or teacher)
To find out more click here
At Fern Hill Place, Faringdon, the sales team has had a flurry of visitors from all over the Home Counties, looking for a new home in an excellent commuting location, as Sales and Marketing Director, Angela South explains:
“What we’ve been finding at Fern Hill Place is that people are now tired of renting and are ready to buy. We believe that many people who wouldn’t normally have rented have been persuaded to do so because of the economic climate and now they’re finding that the money they invested in the bank isn’t earning much interest, property prices are more affordable and, of course, it’s always preferable to own your own home.”
Fern Hill Place is the ideal location for anyone – singles, couples or families – looking for a new home in an excellent location as selling agent, Tim Green, of Green & Co in Wantage explains:
“This gated community of just ten four-bedroom private homes is tucked away just off Coxwell Road, which in addition to being one of Faringdon’s most sought-after residential areas, falls within the catchment area of Faringdon Community College, one of only two schools in the whole of Oxfordshire to be awarded an ‘outstanding’ rating by OFSTED.”
“The new homes, which are ready to move into now, have a high specification, private gardens, garages and parking. Unlike many new developments, Fern Hill Place is a select and contained development in a popular and established residential location within the town. With both the town centre and open countryside only a walk away too, these should all be key points for home buyers."
"In any market, location should be the highest priority and with so many new homes are being constructed on brown field sites with mixed use it is rare to find these smaller exclusive projects. This could well explain the reasons for the surge in interest that we are experiencing."
“Faringdon is also an excellent place to live because it provides easy road access to Oxford and Swindon, the A34 and M4 and, of course, there’s a mainline railway station at Oxford which provides a swift service to London Paddington,” adds Tim.
Anyone interested in living at Fern Hill Place, where prices currently range from £299,950 for one of the courtyard properties, will need to act swiftly. The sales office and show home is open each Thursday, Friday and Saturday from 10 am to 5 pm and can be contacted on 01367 244105. Out of office hours, please call selling agents, Green & Co, on 01235 763562.
Information on all Beechcroft developments is available on www.beechcroft.co.uk.
Photograph: Beechcroft’s Fern Hill Place development in Faringdon, Oxon
Media information: Sheila Frampton
Craven Property Services
Sheila.frampton@craven-property.com
07789 275868/01428 751755
Stamp Duty Land Tax Rates STAMP DUTY LAND TAX RATES
New threshholds following Budget 3 September 2008 which are valid until 2 September 2009.
Residential property - purchase price
Rate of Stamp Duty Land Tax
up to £175,000 (until 2 September 2009 inclusive) 0%
£175,001 - £250,000 1%
£250,001 - £500,000 3%
£500,001 or more 4%
Stamp Duty Land Tax when you buy property
New thresholds introduced from 3 September 2008 mean that if you buy property and the purchase price is £175,000 or less you don't pay any Stamp Duty Land Tax at all.
If it's more than £175,000, you pay between one and four per cent of the whole purchase price. The £175,000 threshold (up from £125,000) will remain in place up to and including 2 September 2009.
source: http://www.direct.gov.uk/
Lewis Gallagher has been announced as the overall winner of the Green & Co. Drawing Competition launched at the 2008 Didcot Street Fair. Lewis drew an impressive version of James Bond in his Aston Martin as seen here and was chosen by the judges from a very good quality entry. The entrants were not restricted to the James Bond theme but many of the pictures were fully in the theme of the Street fair. After a tough decision Lewis' picture was announced as the winner. The prize awarded to the winner is to attend a practice session for the Green & Co rally team and enjoy the passenger ride of a lifetime. Three runners up also received prizes for their efforts.
HIP Regulations update Minister for Housing ends the Transitional Arrangements for HIP Regulations Home information packs have proved themselves to be contraversial at best and considered ill-advised and rushed through by many. However the current government shows no sign of abandoning the scheme and with every alteration there is a chance that their effectiveness could improve.
On the 8 December 2008 the Housing Minister, Margaret Beckett, confirmed the ending of the current transitional arrangements for the HIP Regulations.
This means:
From the 6 April 2009 the following minimum documents must be available before First Day Marketing of a property can legally take place:
Index of the documents contained in the HIP
Energy Performance Certificate or Predicted Energy Assessment
Sale Statement
Land Registry Title documents and Plan
After the 6 April 2009 mean it will no longer be enough just to have ordered a HIP in order to begin marketing.
Where there is a delay in obtaining the EPC or PEA marketing can begin on Day 15 after it was requested.
A further requirement from the 6 April is that the HIP must contain a NEW document – the Property Information Questionnaire (PIQ) within 28 days of First Day Marketing.
The PIQ contains questions for the vendor to answer from their own knowledge and experience of living in the property, for example: When was the property purchased? What Council Tax Band is the property in?
The changes to the scheme will affect those people considering the sale of their home in the Spring of 2009. Anyone going to the market after the 6th April will be delayed by having to comply with the new regulations. It would be advisable to take advice well in advance of the time that you wish to commence marketing to save any unnecessary/damaging delays. We will be able to provide you advise you on all aspects of your move.
Contact us now on post@greenand.co.uk
Part of the work that Green & Co undertake is providing new tenants and homeowners with useful information packs containing advice on energy conservation and recycling issues. This forms part of an expanding scheme within the company towards environmental responsibility. Partner Tim Green said 'this is really the start of a much bigger programme within the firm on a very important issue in the world today. We are very pleased to have been recognised with the nomination for this award.'
Office Manager Paul Jarvis launched a drawing competition for 7-17 year olds for the evening and headed the team handing out FREE entry forms. Goodie bags with gas balloons were handed out to all the passing children and mulled wine and soft refreshments provided for everyone. The entry forms for the Drawing Competition need to be back in the office in good time for the judging which will take place on Monday the 16th December.
The two lucky winners will win a ride in the Team Green Rally car sponsored by the firm.
July News, Housing Market Update House prices 'dropped 1% in June'
House prices in England and Wales fell by 1% in June from May, according to figures from the Land Registry. That drop meant that the annual rate of increase was 0.1%, the tenth consecutive month that the annual rate of growth has slowed.
The average price of a home in England and Wales slipped to £180,781.
Despite the current slowdown, which has been caused by tougher lending demands, a social housing group predicted that house prices would rise 25% by 2013.
Rising or falling?
According to the National Housing Federation (NHF), average house prices in England were set to rise by 25% over the next five years because demand for housing would outstrip the construction of new homes.
"People are living longer, they're delaying getting married and they're more likely to get divorced - meaning that we now have more households than ever"
David Orr National Housing Federation
The NHF said that house prices in England would fall by 4.4% in 2008, and be 2.1% lower in 2009.
However, it predicts that prices will have recovered by 2010 and would rise by more than 9% in 2012 and 2013.
While there are questions about how accurate five-year forecasts can be, there is a general concern that new homes being built will not meet demand.
"As soon as the economic outlook improves, house prices will resume their previous upward trajectory," said the Federation's chief executive David Orr.
Market view
In the meantime, analysts are trying to work out how fast and how far house prices will drop.
The Land Registry figures are based on prices at the completion of sales and therefore lag behind some of the other surveys which rely on mortgage data.
The figures show that during June the house price fall was particularly marked in London, which saw prices drop by 2.5% from May.
It also found that sales volumes remained much lower across England and Wales than in the same month a year ago.
The North East of England was the only area to see a monthly rise in prices, up 4.1% in June and 3.1% for the year. That made the average house price in the region worth £133,508.
The region with the biggest year-on-year fall was the West Midlands (down 2.3%), with the average cost of a home in the region at £149,375.
The most up-to-date figures from the Registry on the number of homes changing hands show that far fewer people are moving than last year.
The credit crunch has made it more difficult, especially for first-time buyers, to get a good mortgage deal.
The figures show that semi-detached homes in England and Wales fell in price by 0.6% in June 2008 compared with a year earlier.
Detached homes went up in price over the same period by 0.8%.
SOURCE: BBC News 28 July 2008
Mortgage lenders have finally started to cut their rates - bringing welcome relief for homeowners.
Nationwide will tomorrow deliver it's second reduction in a week, cutting annual payments for an average borrower by a total of £550. Their move follows six months of gloom in the mortgage market in which dates have reached their highest levels for a decade.
Relief: Mortgage lender Nationwide has announced it will cut up to 0.46 percentage points off it's rates on Friday. Experts said yesterday they hoped the worst of the mortgage drought was over and that June would go down as the market's nadir.
Tomorrow (18 July 2008) the Nationwide will cut up to 0.46 percentage points off it's mortgage rates. Other lenders, such as Abbey, Woolwich and even the nationalised Northern Rock, have cut rates over the last seven days. For homeowners, particularly those who need to re-mortgage in the next few months, this will come as an enormous relief. Thousands have been worrying that they will not be able to afford their new mortgage because of sky-high rates. On July 8, the rate for a two-year fixed mortgage for up to 75 percent of a property's value stood at 6.65 percent with the Nationwide. The rate will drop to 6.18 percent, saving £45 a month, or £540 a year, from the costs of repaying an average £155,000 loan.
SOURCE: MailOnLine 17 July 2008
Following a recent Auction of Promises held at the School the pledges made by so many local businesses have now been turned into the latest ‘state of the art’ facilities at Shellingford School.
“The support that has been shown by so many businesses and private individuals close to the school has been overwhelming. Combined with the unstinting efforts made by the ‘Friends of Shellingford School’ (FOSS) that support from the local community has been converted into somewhere approaching £7000 of much needed funds for the school. The facilities in which we have now been fortunate enough to be able to invest provide the pupils with even greater opportunities to make their time special here at Shellingford.”
Pictured above are Heidi Crook (Chair of FOSS), Louis Clark (School IT consultant), Tim Green of Green & Co. Estate agents who donated ‘Sell your house for FREE’ and pupils Daniel Crook and Stephen Clark.
Shellingford C.E. (Aided) Primary School can be contacted on 01367 710301 or visiting www.shellingford.oxon.sch.uk.
May News Green & Co helping the first time market The property market continues to make it even more difficult for first time buyers to get on the ladder. So Green & Co are trying to demonstrate every method that potential buyers can use to be able to do so. They now have a range of property that include the following opportunities:
If you have little or no deposit - move in for £99!
Buy only a percentage of the property - shared ownership.
Advice on key worker schemes from Independent Mortgage consultants.
Assistance available for stamp duty, legal costs, mortgage fees or possibly even internal finishes including carpets.
The company intends to hold First time buyer workshops later in the year specifically designed to help intersted parties at this difficult end of the market. All relevant advisers would be on hand to leave attendees fully informed. Contact our Sales team on 01235 763562 for further details.